Case Study: Growing A Business

David, 60 | Primary goal: solidifying his business before his son takes over and focusing on his own retirement.

David has built a successful plumbing company that generates around $4 million a year in revenue and leads a team of 5 plumbers. David's wife, Lori, works as the office manager and helps with customer service. As he gets older, David has been setting up his son Zack to take over the family business.

The Challenge:

David has been looking for new ways to grow his business an reduce staff turnover, so his son Zack can take over and continue to scale. David feels overwhelmed and lacks the energy to do everything himself like he used to. Additionally, he knows that he should start to think about his own retirement but doesn’t have a solid plan quite yet.

The Approach:

David knew that he needed help. He remembered a few years back his contractor passed down his family business and decided to give him a call. Turns out, his contractor hired a local financial advisor to create an actionable plan for his business and his own retirement.

David did the same, and found Chen Financial Group through a Google search. He was confident in the reviews he read and decided to schedule a meeting.

The Results:

From the initial conversation with Curtis Chen, David was pleased with his decision. In collaboration with his tax and legal experts, Curtis:

• Established an employee benefit plan through a Plan Sponsorship, to help reduce turnover.
• Helped David fill in the coverage gaps with appropriate insurance plans.
• Designed a comprehensive retirement plan that factored in David’s retirement goals.
• Consistently provided financial resources and email updates, which Zack found really helpful in increasing his financial literacy.

David and Lori are now confident knowing that Zack can focus on continuing to grow the business, and are looking forward to retirement, so they can enjoy the golden years they've dreamed of!

Disclaimer:

This is a hypothetical situation based on real life examples. Names and circumstances have been changed. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investments or strategies may be appropriate for you, consult your advisor prior to investing.